Not bookmarked but saved a copy.
https://news.ycombinator.com/item?id=121413> APOLOGIES for making this post so annoyingly long, but I really hope you find value in the words below.
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I'm going to first share a personal experience from my early trading days to illustrate where I'm coming from. I used to wake up at 4:30 am everyday in the Chicago suburbs to beat rush hour traffic and make it into downtown Chicago at 6:30 am. In order to wake up so early, I fell into a habit of sleeping at 9:00 pm and like a robot waking up at 4:30 am. This simple routine was indirectly helpful when things seemed darkest.
For the first six months, I lost money and was ridiculed constantly by other traders who were more successful than me (which was about 20 other guys CONSTANTLY using me as a punching/whipping bag). The only thing that kept me going was the fact that some of the very same traders that would be making wise cracks at me for losing money were some of the most successful people I knew at the time. For better or worse, if I needed a trader to model myself after, it was the same people that were telling me how bad a trader I was - and although I was not open to really hear what they were saying, they were right about my skills in every way (but their feedback was always packaged in some sort of insult).
After racking up some rather hefty losses, I was determined to quit at one point during month four, but because I had a habit of waking up at 4:30 am I simply "forgot" that the night before I told myself I would quit and spare myself further humiliation...by then I was warned that I was now on the red list of traders ready to be cut. Also, my personal savings were starting to approach zero (the base "draw" for house traders was enough to pay for food; you usually make your money on a percentage of your profits, and I was deep in the red at the time).
To say the least, there were many excellent reasons to be "reasonable", forget about my dreams, and quit.
After 4 consecutive "failures to quit", I realized that I didn't quit because somewhere deep down I was hanging on to a dream, however remote at that point: that I could somehow be as successful as the other traders that I knew. At the same time I realized that I had hit rock bottom in that I couldn't even succeed in failing! Very tough times indeed...
An interesting point to note here is that although my losses were starting to get very large, the people who were funding me as a trader kept me because I had one redeeming quality: EFFORT, and this helped build tenacity. Other traders who barely traded but had a fraction of my losses were cut much faster because they didn't put forth much effort. They were not willing to take losses and be bold/brave and fight it out; I was willing to take risks, and this saved me from getting cut faster than others.
Slowly I began to reinterpret the constant humiliation I was suffering: perhaps the other traders were right about their "jokes" and there might be something in what they are saying that will help me get out of the red. I also realized that since I had failed at quitting (which was now the ULTIMATE failure), there was no further failure for me and that if I took baby steps they were surely to succeed (this translated into taking smaller trades/profits).
Only after improving upon my abilities as a trader and channeling my energies appropriately did I succeed and earn everybody's respect as a trader (and you have no idea how this made me feel!). I quickly made enough in commissions to be trading my own account, and be successful as an independent trader onward. When I look back at those final months of 1999 (yeah that's right, I was losing huge cash at the end of 1999 when the entire market was going crazy UP!), there was more good than bad even when I was getting my ass handed to me. It's just that I was intentionally creating my own feedback (I'm right everybody else is wrong) instead of seeing the results I was getting (losses/insults) as feedback and information that would help me be successful.
I kind of snicker every time I see somebody ask for feedback on their startup on YC.News only to end up justifying themselves by telling everybody why they did what they did when they get negative feedback, which is the feedback of greatest value. If somebody tells you how crappy your idea is, thank them that they even spent a few brain cycles considering your idea.
The lessons I learned from this that are perhaps relevant to your questions:
- Determine if you believe in yourself to succeed as an individual (I know this sounds odd, but for a moment just examine your thought patterns and your actions and see what message you are sending to yourself; do you listen to the voice that says you can't or are you paying attention to the feedback from your efforts and the results you are getting?)
- Search deep down inside and see if the project you are working on is something you believe in or not. If you can't sell yourself, then you shouldn't bother trying any further...
- ANY attention you get for your efforts is good attention. If you get LOTS of negative feedback, then be grateful - you've jumped the first hurdle of getting people to give a damn about what you are doing! :)
- There is responsibility and accountability that goes with both success and failure. You need to be ready for both because they can be equally painful in equal ways. The amount of accountability that comes with success can be more unbearable than the accountability that accompanies failure. I personally know of some very talented people who enjoyed phenomenal initial success only to find just as fast that they were in over their heads.
- The more you resist the possibility of failure then you are less likely to recognize possibilities that will help you succeed. If you are afraid to fail, then most certainly you are afraid to succeed. This sounds counterintuitive but it's based upon the fact that fear makes your mind less supple and less responsive to the changes that will push you out of the game - or conversely it will lessen the impulse to jump on the opportunities you need to succeed.
- The results you get has everything to do with your users/market and less to do with you as an individual; it's sometimes hard to separate these two. See the other side of the equation and what side you are on before trying to solve it. Don't ever think you are above the feedback of your users...EVER!
- Don't have expectations (this is just setting yourself up for failure). Because you are starting out you may not know what is best to help you succeed - ESPECIALLY if you're lacking motivation. Keep in mind that whatever results you get from your efforts will lead to more possibilities (in the form of additional information).
- Have some behavioral "context" within which to exercise discipline and structure. Seek to grow your efforts within this context. My context was my sleep schedule. It was a routine that was so ingrained that my drive had a laser focus. This might not work for some, but it worked for me.
Finally, I will add that in my opinion failing hard and fast is MUCH better than failing slowly. The faster you know for certain something isn't going to work out, the sooner you can cut your losses and move on to your next idea. When you eventually succeed, you will look back at all the times you were quick to cut your losses and get to where you are...
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Please do NOT contact me asking for advice in trading/investing. This is a VERY personal thing, and it has everything to do with who you are, NOT with how much information you have, or which tools you use, or who you know.